BP to ‘Exit’ Its Stake in Russian Oil Company Rosneft

The British oil giant BP said on Sunday that it would “exit” its nearly 20 percent stake in Rosneft, the Russian state-controlled oil company, making it one of the first large companies to abandon Russia after its invasion of Ukraine.

BP, which is based in London, has worked in Russia for over 30 years, but the attack on Ukraine “represents a fundamental change,” the company’s chairman, Helge Lund, said in a statement on Sunday. “It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue.”

As Russia grows increasingly toxic in the world’s eyes — harsh sanctions are piling up, planes flying from Russia are being blocked from other nations’ airspace and protests are spreading — BP’s decision could encourage other companies to follow its lead.

Also on Sunday, Norway’s sovereign wealth fund said it would divest its Russian investments. Furthermore, companies that do business in Russia are bracing for repercussions on their bottom lines, as sanctions are poised to hobble Russia’s economy.

Article source: https://www.nytimes.com/2022/02/27/business/bp-rosneft-oil-stake.html